Mr. Anthony Moreau reports

AMERICAN EAGLE GOLD ANNOUNCES INVESTMENT FROM STRATEGIC INVESTORS

Teck Resources Ltd. and well-known British Colombia geologist C.J. (Charlie) Greig are further investing in American Eagle Gold Corp. With this investment, Teck will maintain its 19.9-per-cent stake in American Eagle following American Eagle's recent exercise of its option to repurchase a 20-per-cent interest in its NAK copper-gold porphyry project from Orecap Invest Corp.

"We thank our strategic investors and shareholders for their ongoing technical and financial support. Teck's third investment in our company speaks to the quality of the NAK project, as does Charlie's move to more than double his holdings. Charlie, as some may not know, is our lead geological adviser, and is intimately aware of the details of our project," said Anthony Moreau, American Eagle's chief executive officer.

The company will issue 3,187,790 common shares at a price of 21.5 cents per share for issue proceeds of approximately $685,375. The price of 21.5 cents per share matches American Eagle's price to repurchase its 20-per-cent interest in its NAK copper-gold porphyry project from Orecap Invest, which closed on Nov. 9, 2023. Closing of the offering is expected to occur on or before Nov. 24, 2023, subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange.

Highlights:

• Teck is investing $435,375 by purchasing 2,025,000 common shares at 21.5 cents per share.
• Mr. Greig is investing $250,000 by purchasing 1,162,790 common shares at 21.5 cents per share.
• The price of 21.5 cents matches American Eagle's price to repurchase its 20-per-cent interest in its NAK copper-gold porphyry project from Orecap Invest.
• No warrants or finders fees will be issued with this financing.

Forthcoming news for American Eagle

American Eagle's main coming catalysts include releasing assay results for the five remaining 2023 drill holes, and formulating plans for its fully financed 2024 exploration program. The company is also engaged in compilation and evaluation of historical data in light of new results, such as incorporation of three new, deeper-looking induced polarization (IP) lines in the area of drilling. In addition, further geological studies will be undertaken at NAK, including hyperspectral and petrographic work focusing on alteration mineralogy, and geochronology aimed at detailing the age of both host stratified rocks and of the causative intrusions. All this work on the NAK project is expected to yield positive results, and will aid greatly in planning what is expected to be an exciting 2024 drill campaign.

About Mr. Greig

Mr. Greig is a seasoned geologist with over 40 years of experience in the exploration industry, much of it focused in the Canadian cordillera. He started in the industry as a soil sampler, but ultimately specialized as a contract geological mapper, and a geologist who planned and directed exploration, at times on properties staked personally in B.C. Mr. Greig has worked on a variety of projects worldwide, spanning from grassroots exploration to development. He is best known for his role in the discovery of the Saddle deposits with GT Gold Corp., for which he received PDAC's Bill Dennis Award in 2022. Over the years, Mr. Greig also contributed to a number of projects that transitioned into production, such as La India and Alamo Dorado in Mexico (Grayd-Agnico Eagle and Corner Bay-Pan American Silver, respectively), Brucejack in B.C. (Pretium-Newcrest-Newmont), Bisha and Emba Derho in Eritrea (Nevsun and Sunridge Gold, respectively), and Wolverine in Yukon (Atna-Westmin, Yukon Zinc).

About American Eagle's NAK project

The NAK project lies within the Babine copper-gold porphyry district of central B.C. It has excellent infrastructure, being accessed by a network of active all-season logging roads, nearby logging camps, and proximity to not only the vibrant town of Smithers, B.C., but also a cross-Canada rail line, a major provincial highway (Hwy 16) and past-producing copper-gold mines (Bell, Granisle). Historical geophysical work and drilling at NAK, which began in the 1960s, tested only to shallow depths, but revealed a very large near-surface copper-gold system that measures over 1.5 kilometres by 1.5 kilometres, and which has now been drilled to depths approaching one kilometre.

Closing details

No warrants are included in the offering, and no finders fees or commissions will be paid. The shares will be subject to a statutory hold period of four months plus a day following the closing of the offering.

Teck will acquire the 2,025,000 common shares of American Eagle for an aggregate purchase price of $435,375, or 21.5 cents per common share. Upon closing of the offering, Teck will hold a total of 22,365,000 common shares of American Eagle, or approximately 19.9 per cent of American Eagle's issued and outstanding common shares on a non-diluted basis. Teck currently holds 20.34 million common shares of American Eagle, or approximately 18.6 per cent of American Eagle's issued and outstanding common shares on a non-diluted basis.

Pursuant to a prior agreement between American Eagle and Teck and for so long as Teck's ownership in American Eagle remains greater than 5 per cent of American Eagle's issued and outstanding common shares on a non-diluted basis, Teck holds certain investor rights, being an equity participation right to maintain its pro rata ownership in the company and certain information rights relating to the NAK project.

Teck's purchase of the common shares is being made for investment purposes. Teck may determine to increase or decrease its investment in American Eagle depending on market conditions and any other relevant factors. This release is required to be issued under the early warning requirements of applicable securities laws. Teck's head office is located at suite 3300, 550 Burrard St., Vancouver, B.C., V6C 0B3. A copy of Teck's early warning report may be obtained from Chris Stannell at 604-699-4368.

About American Eagle Gold Corp.

American Eagle is focused on exploring its NAK project in the Babine copper-gold porphyry district of central British Columbia. In May and August, 2023, the company announced strategic investments by Teck Resources.

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